Vanguard Group has named F. Joseph Loughrey to its board of directors and to the board of trustees of each of the Valley Forge, Pa., investment company's mutual funds.

Loughrey is the former president and chief operating officer of Cummins Inc., where he held a variety of positions during his 35-year career. He stepped down as vice chairman of the board of directors of Cummins in April.

Vanguard, which made the announcement Thursday, had $1.24 trillion of mutual fund assets under management at June 30.

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